We anticipate that marketing solutions and other services revenue, which is primarily fraud and securities offers for this segment, to be about 10% of Direct Checks revenue.

we anticipate that marketing solutions and other services revenue which is primarily fraud and securities offers for this segment to be about 10% of direct check's revenue


again, we love our competitive position. And the progress we've been making on Total Audience Measurement as this year has unfolded and where we stand right now -- look, we have more to do, but we're in a great spot and we're going to continue to execute.

again we love our competitive position and the progress we've been making on total audience measurement as this year has unfolded and where we stand right now look we have more to do but we're in a great spot and we're going to continue to execute


Erie has received either a platinum, gold or silver award from the group each year since 2009. Preparing our workforce for the future is an area of focus that very much involves our employees today.

erie has received either a platinum gold or silver award from the group each year since 2009 preparing our workforce for the future is an area of focus that very much involves our employees today


I mean, these aren't things that are waiting to be built and still have parts out in the supply chain. A lot of these are parts that are in the boxes, and we're just -- we're geared up for the customer delivery dates.

i mean these aren't things that are waiting to be built and still have parts out in the supply chain these are -- a lot of these are parts that are in the boxes and we're just -- we're geared up for the customer delivery dates


We achieved a record level of quarterly revenue in our Services segment despite the impact of a large contract discontinuing using our services at the beginning in April 2018, as we previously disclosed.

we achieved a record level of quarterly revenue in our services segment despite the impact of a large contract discontinuing using our services at the beginning in april 2018 as we previously disclosed


not a lot of investments being announced and we wouldn't expect any in the future, frankly 0 on the combined cycle plant side of things, that you see that the market has finally reached

not a lot of investments being announced and we wouldn't expect any in the future frankly 0 on the combined cycle plant side of things that you see that the market has finally reached


The fact that we have high and increasing order intake with the top 5 tire manufacturers also means that as we get more market share with them, we end up in more locations where they have the facilities. And

the fact that we have high and increasing order intake with the top 5 tire manufacturers also means that as we get more market share with them we end up in more locations where they have the facilities and


Shipments of the DT systems to Ashok Leyland have commenced, and we continue the dialogue at the highest levels of Ashok Leyland on furthering our partnership, as we continue to work on our expansion into the India EV market,

shipments of the dt system to ashok leyland have commenced and we continue the dialogue at the highest levels of ashok leyland on furthering our partnership as we continue to work on our expansion into the india ev market


which was a controlled observation period in DUET. That was clear. One of the things we are working with them on right now is what is the exact observation period that we want to put into the confirmatory trial.

which was a controlled observation period in duet that was clear one of the things we are working with them on right now is what is the exact observation period that we want to put into the confirmatory trial


Customers continue to validate the attractiveness of the combination and are already showing us possibilities we've previously did not see, such as integration of data feeds from our Transportation business into the construction ERP systems.

customers continue to validate the attractiveness of the combination and are already showing us possibilities we previously did not see such as integration of data feeds from our transportation business into the construction erp systems


As I discussed on last quarter's earnings call, as a result of our decision to sell American Roads, we now meet the criteria to classify the American Roads entity as held for sale on the consolidated balance sheets

as i discussed on last quarter's earnings call as a result of our decision to sell american roads we now meet the criteria to classify the american roads entity as held for sale on the consolidated balance sheets


So they basically want to basically lock in the certainty of having that asset available to them for their use for a really long period of time. And I expect that over time, you're going to consistently see leases

so they basically want to -- to basically lock in the certainty of having that asset available to them for their use for a really long period of time and i expect that over time you're going to consistently see leases


as well as in the regulatory support behind them. And you'll hear more about the company's innovations pipeline in the coming months. Niconovum's Zonnic nicotine replacement therapy gum also continues to perform well.

as well as in the regulatory support behind them and you'll hear more about the company's innovations pipeline in the coming months nicanobum xonic nicotine replacement therapy gum also continues to perform well


We have the skills and capacity to move into new areas and into mature plays in a wide variety of geologic settings. We are not constrained by geography or play type.

we have the skills and capacity to move into new areas and to mature plays in a wide variety of geologic settings we are not constrained by geography or play type


Given the strength of our balance sheet and the fact that our Pressure Pumping business was EBITDA positive for 2016, we were able to maintain our active equipment during the downturn and did not cannibalize our idle equipment.

given the strength of our balance sheet and the fact that our pressure pumping business was ebitda positive for 2016 we were able to maintain our active equipment during the downturn and did not cannibalize our idle equipment


But we're on schedule to sell more displays to them. Go through the second stage and this will be ramping up. And displacing, eventually, what's in there for the other company.

but we're on schedule to sell more displays to them go through the second stage and this will be ramping up and displaying what's in there for the other company


Digital artificial intelligence are part of the answer we might give to them. A first example, we launched recently a new platform, Organix, the first digital marketplace for organic waste.

digital artificial intelligents are part of the answer we might give to them the first example we launched recently a new platform organics the first digital marketplace for organic waste


We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call, if at all. Additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-Q.

we disclaim any obligation to update these forward-looking statements which may not be updated until our next quarterly conference call if at all additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-q


This is a great example of the bold forward thinking by our marketing team that has sustained our growth over the past several years. As we assess these technology updates, we will keep you updated.

this is a great example of the bold forward thinking by our marketing team that has sustained our growth over the past several years as we assess these technology updates we will keep you updated


Shifting gears to the international markets, the Asia Pacific region had its second best quarter ever. The team won a landmark deal with Samsung in South Korea, which is our first client in South Korea.

shifting gears to the international markets the asia pacific region had its second best quarter ever the team won a landmark deal with samsung in south korea which is our first client in south korea


that are -- have some level of stress or distress, mostly in the exploration side. We're not interested in the exploration side. We're not -- we're going to stay within our existing franchises, which are on the production side, because that's what

that are -- have some level of stress or distress mostly in the exploration side we're not interested in the exploration side we're not -- we're going to stay within our existing franchises which are on the production side because that's what


This is an exciting innovation potentially creating a new category, and we are there from the start. Route to consumer has been an area of major focus for 3 years, but it's still an area of opportunity.

this is an exciting innovation potentially creating a new category and we are there from the start route to consumer has been an area of major focus for 3 years but it's still an area of opportunity


Our customers have realized the benefits of better predictability and control of blasting. For example, data collected across thousands of holes in the Pilbara has delivered a significant reduction in excess drilling,

our customers have realized the benefits of better predictability and control of blasting for example data collected across thousands of holes in the pilbara has delivered a significant reduction in excess drilling


Please see Page 18. Now I'll explain management resource allocation. As we advance our business and improve free cash flow, our policy will be to shift stages in our business management cycle.

please see page 18 now i'll explain management resource allocation as we advance our business and improve free cash flow our policy will be to shift stages in our business management cycle


The dilemma I would have, if I was a director at your company, would be I would want to make sure that any of those -- that The Street understands what potential could happen or not

the dilemma i would have if i was a director at your company would be i would want to make sure that any of those -- that the street understands what potential could happen or not


Glad you could join us today. And I plan to keep my remarks pretty brief today to allow as much time as possible for your individual questions and also recognizing we have our Analyst Day coming up next week on May 11 in New York City.

glad you could join us today and i plan to keep my remarks pretty brief today to allow as much time as possible for individual questions and also recognize that we have our analyst day coming up next week on may 11 in new york city


And we do intend to file a general natural gas case by the end of September of this year. And as we have discussed before, we do a first look for each

and we do intend to file a general natural gas case by the end of september of this year and as we've discussed before we do a first look for each


new eyes find problems that were in files that were hidden underneath in the drawer, underneath the desk. Yes. I think what we would tell you at this point is we had a number of new eyes on these already.

new eyes find problems that were -- in files that were hidden underneath the -- in the drawer underneath the desk yes i think what we would tell you at this point is we've had a number of new eyes on these already


This effort will yield us a cadre of targets that will allow us to utilize our strong financial position to accelerate our growth and diversification efforts, while leveraging our strong competencies in manufacturing execution,

this effort will yield us a cadre of targets that will allow us to utilize our strong financial position to accelerate our growth and diversification efforts while leveraging our strong competencies in manufacturing execution


we would anticipate that would start to drive some of the inventories down. And as we get further into the year, as long as you see that construction activity hold up, align -- along the lines of what we think is going to happen,

we would anticipate that would start to drive some of the inventories down and as we get further into the year as long as you see that construction activity hold up along the lines of what we think is going to happen


we're not engaging with WIL's clients because they're not our clients at the current time. We have an understanding of who they are. We have kind of some euphemistic understanding of their initial reactions to the deal.

we're not engaging with will's clients because they're not our clients at the current time we have an understanding of who they are we have kind of some euphemistic understanding of their initial reactions to the deal


So it's very significant. And while it increases the value of the asset, it also has made it far more interesting on the part of third parties to take a look at it to see what they and we can do with it. Our interest in Agua Rica is its development.

so it's very significant and while it increases the value of the asset it also has made it far more interesting on the part of third parties to take a look at it to see what they and we can do with it our interest in agua rica is its development


Thank you, operator, and good afternoon, and welcome to the GameStop earnings call. I want to start by thanking our worldwide team for another great effort in the first quarter in delivering outstanding customer service.

thank you operator and good afternoon and welcome to the gamestop earnings call i want to start by thanking our worldwide team for another great effort in the first quarter in delivering outstanding customer service


These results were driven primarily by a very successful launch of the Nintendo Switch, the growth of licensed merchandise and collectibles sales and the continued rapid expansion of Roku in Mexico.

these results were driven primarily by a very successful launch of the nintendo switch the growth of licensed merchandise and collectible sales and the continued rapid expansion of roku in mexico


Certainly, we've -- when we encounter a special issue in the field, we work diligently to uncover why that is, and then we reserve at that time for what we think it will take to

certainly we've -- when we encounter a special issue in the field we work diligently to uncover why that is and then we reserve at that time for what we think it will take to


Basic EPS increased 36% due to the balance sheet remeasurement of our U.S. deferred tax liabilities as a result of the headline rate reduction, resulting in an exceptional tax credit.

basic eps increased 36% due to the balance sheet remeasurement of our u s deferred tax liabilities as a result of the headline rate reduction resulting in an exceptional tax credit


condition precedent like a CP like in a contract, saying that we wanted to do it only provided that we should have found a very robust and sound

condition precedent like scp like in a contract saying that we wanted to do it only provided that we should have found very robust and sound


which was used in need for a secured money market transactions. However, lower volumes were more than offset by higher average commission paid in both business as a result of market conditions.

which revealed the need for secured money market transactions however lower volumes were more than offset by higher average commissions paid in both business as a result of market conditions


for actions committed by previous employees. And so when the company is indicted, it's not because the company has done anything wrong. It's because someone that worked there had or hadn't.

for actions committed by previous employees and so when the company is indicted it's not because the company has done anything wrong it's because someone that worked there have or haven't


I assure you that our company take such matters very seriously and is focused on making sure we do not need to take advantage of grace periods without a very good reason to do so. With that, let me walk you through our preliminary results.

i assure you that our company takes such matters very seriously and is focused on making sure we do not need to take advantage of grace periods without a very good reason to do so with that let me walk you through our preliminary results


we start from a set of unique strengths that we still have despite the tough market environment. They include the fact that I believe now, after 2.5 years in the business, that we have one of the most powerful brands in the business.

we start from a set of unique strengths that we still have despite the tough market environment they include the fact that i believe now after 2 5 years in the business that we have one of the most powerful brands in the business


in the data? And do you see the resultant impact -- or the reversal in your velocities such that this is going to prove to be a 1-year divot because your velocities are so strong, there is almost

in the data and do you see the resultant impact or the reversal in your velocity such that this is going to prove to be a 1-year divet because your velocities are so strong there's almost


We plan to continue to maintain the ability and flexibility to both execute our own securitizations to contribute to partner deals in order to optimize results while executing subject to a variety of prevailing market conditions.

we plan to continue to maintain the ability and flexibility to both execute our own securitizations and contribute to partner deals in order to optimize results while executing subject to a variety of prevailing market conditions


The analysts and the market is telling us that's where it's going, but from a business model and from a financial model, if you look back over the last 10 years, we've been relatively flat on average

the analysts and the market's telling us that's where it's going but from a business model and from a financial model if you look back over the last 10 years we've been relatively flat on average


The resulting margin compression for investment managers has led them to increase pressure on their providers. Asset owners facing inadequate returns are similarly pressuring providers to do more for less.

the resulting margin compression for investment managers has led them to increase pressure on their providers asset owners facing inadequate returns are similarly pressuring providers to do more for less


developers high levels of confidence in being able to provide underground capability for parking and the like, both, when we have these sorts of high water table

developers high levels of confidence in being able to provide underground capability for parking and the like both when we have these sorts of high water table


But FedEx has some of the smartest minds in the industry in sales and marketing, working with our customers every day, all year long, constantly innovating our service and marketing our portfolio around the world.

but fedex has some of the smartest minds in the industry in sales and marketing working with our customers every day all year long constantly innovating our service and marketing our portfolio around the world


We listened intently to the voice of our customer, regularly releasing improvements to our website to become even easier to do business with. 2018 also saw the release of our new sales console,

we listen intently to the voice of our customer regularly releasing improvements to our website to become even easier to do business with 2018 also saw the release of our new sales console


In addition, Google launched their 2 new Pixel smartphones, which both utilize the benefits of haptics. These are further exciting examples of the expansion of haptic use across the mobile market.

in addition google launched their 2 new pixel smartphones which both utilize the benefits of haptics these are further exciting examples of the expansion of haptic use across the mobile market


This work included launching a new training, development and compensation program for senior assistant store managers, which became the foundation of our efforts to effectively develop new store managers.

this work included launching a new training development and compensation program for senior assistant store managers which became the foundation of our efforts to effectively develop new store managers


Average realizations for our Southern logs increased approximately 3% as extremely wet weather limited log supply and drove improved realizations for sawlogs and pulpwood across most of the South.

average realizations for our southern logs increased approximately 3% as extremely wet weather limited log supply and drove improved realizations for sawlogs and pulpwood across most of the south


In addition to improving operating efficiency, these initiatives will centralize scientific expertise, enhancing the opportunities for collaboration and for implementation of best practices.

in addition to improving operating efficiency these initiatives will centralize scientific expertise enhancing the opportunities for collaboration and for implementation of best practices


So there are certain features which have been introduced last year. Some of those processes can be improved. So that's why we had a substantial amount

so there are certain features which have been introduced last year some of those processes can be improved so that's why we had a substantial amount


The forward-looking statements contained in this presentation include statements as to our future operating results, our business prospects and the prospects of our prospective portfolio companies, the impact of investments that we expect to make,

the forward-looking statements contained in this presentation include statements as to our future operating results our business prospects and the prospects of our prospective portfolio companies the impacts of investments that we expect to make


And so what that means is that we don't just look at a constant well spacing across the field or a constant completion design across the field. And what that does for you is that ends up making your capital more efficient. As a matter of fact, I'll point to

and so what that means is that we don't just look at a constant well spacing across the field or a constant completion design across the field and what that does for you is that ends up making your capital more efficient as a matter of fact i'll point to


Now there's another factor here, and that is -- that it appears as though our customers were going a little deeper in the routing guide on the back half of the year as compared to maybe the first half of the year,

now there's another factor here and that is that it appears as though our customers were going a little deeper in the routing guide on the back half of the year as compared to maybe the first half of the year


We have done already pilots internally and demonstrations, and some of the services that now require 3 weeks or even 4 weeks to deliver to a customer and

we have done already pilots internally and demonstrations and some of the services that now require 3 weeks or even 4 weeks to deliver to a customer and


growth and facilitate migrations into 2018. The KPN ONE portfolio is very important to us. It's the basis for up and cross-sell of additional services to SME customers.

growth and facilitate migrations into 2018 the kpm1 portfolio is very important to us it's the basis for up and cross-sell of additional services to sme customers


This is consistent with our overall objective of sustainable and responsible growth that balances our operating and financial goals with our commitments to improve student experiences, retention and academic outcomes.

this is consistent with our overall objective of sustainable and responsible growth that balances our operating and financial goals with our commitments to improve student experiences retention and academic outcomes


Our outlook is based on several factors, including our performance in the first quarter, our current growth plans and initiatives, and the market conditions we see for the foreseeable future across our operations.

our outlook is based on several factors including our performance in the first quarter our current growth plans and initiatives and the market conditions we see for the foreseeable future across our operations


So that's the first thing. I think the second thing is that the timing in relation to minutes or hours after the -- when you take the dose is it tends to -- the onset tends to be within the first few hours.

so that's the first thing i think the second thing is that the timing in relation to minutes or hours after the -- when you take the dose is it tends to -- the onset tends to be within the first few hours


throughout the lateral in different stress regimes and pumping that pill mid-stage allows us to get much better perforation efficiency across the lateral. That's really the

throughout the lateral in different stress regimes and pumping that pill mill mid-stage allows us to get much better perforation efficiency across the lateral that's really the


Our teams are laser-focused on our free cash flow performance. We are running the place with intensity, and this gives us the fuel to grow and return cash to our shareholders. Again, a strong quarter with solid execution.

our teams are laser-focused on our free cash flow performance we are running the place with intensity and this gives us the fuel to grow and return cash to our shareholders again a strong quarter with solid execution


Scope of the first phase of the project will likely include the construction and new production facilities and the recompletion of 1 or 2 previously drilled exploration wells and potentially the drilling of 1 new well.

the scope of the first phase of the project will likely include the construction of new production facilities and the recompletion of 1 or 2 previously drilled exploration wells and potentially the drilling of 1 new well


I was hoping you could come back to the overseas consumer business which seems to just be turning much quicker than we would have thought. If you could just give us -- talk about the top line a little bit and where -- I mean was there a lot of

yes i was hoping you could just come back to the overseas consumer business which seems to just be turning much quicker than we would have thought if you can just give us -- talk about the top line a little bit and where -- i mean was there a lot of


it's important to keep in mind that while Clearfield has established significant market share in the Tier 3 markets during the first stage of our growth, the market opportunity in front of us as we enter stage 2 dwarfs the success we have delivered to date.

it's important to keep in mind that while clearfield has established significant market share in the tier 3 markets during the first stage of our growth the market opportunity in front of us as we enter stage 2 dwarfs the success we have delivered to date


However, as treatment evaluation and treatment options have clarified over time, the standard is to use transfusion until the point that the patient can no longer tolerate it.

however as treatment evaluation and treatment options have clarified over time the standard is to use transfusion until the point that the patient can no longer tolerate it


And I think the slide in the deck on the proposed acquisition indicates the regulatory processes and how we could end up with an approval and what happens if we don't get the required approvals.

i think the slide in the deck on the proposed acquisition indicates the regulatory processes and how we could end up with an approval and what happens if we don't get the required approvals


And as Fred said, we do not comment on the mix and the amounts related to PIS and Cofins. We didn't comment on that last year as well.

and as fred said we do not comment on the mix and the amounts related to pis and cofins we didn't comment on that last year as well


Flexible pipes are highly engineered, complex multilayer structures helically wound and comprised of unbonded layers of steel and composites, which enables them to withstand the demanding pressures and tensile loads required in deepwater production,

flexible pipes are highly engineered complex multilayer structures helically wound and comprised of unbonded layers of steel and composites which enables them to withstand the demanding pressures and tensile loads required in deepwater production


These statements are based on information available to us today, and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements.

these statements are based on information available to us today and we are not assuming any obligation to update them forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements


Although we are early in the transformation, we believe we have already made strong progress and now have the right leadership in place to best manage the successful transformation of Cornerstone. With that, I'll turn it back to Adam.

although we are early in the transformation we believe we have already made strong progress and now have the right leadership in place to best manage the successful transformation of cornerstone with that i'll turn it back to adam


Therefore, adjusting for the impact of those discontinued products and looking at the 4 outlined in my previous comments, related to our continuing core wheels business,

therefore adjusting for the impact of those discontinued products and looking at the 4 outlined in my previous comments related to our continuing core wheels business


Before we begin, as a reminder, during this conference call, comments may be made that include some forward-looking statements. These statements involve risk and uncertainty, and as you know, actual results may differ materially from those discussed or anticipated.

before we begin as a reminder during this conference call comments may be made that include some forward-looking statements these statements involve risk and uncertainty and as you know actual results may differ materially from those discussed or anticipated


It's made from real coffee and contains no artificial flavors or added colors, and best of all, it's only 100 calories, providing nutrition and energy so many consumers are looking for as a snack or on the go.

it's made from real coffee and contains no artificial flavors or added colors and best of all it's only 100 calories providing nutrition and energy so many consumers are looking for as a snack or on the go


As a company, we believe hedges are an important instrument to decreasing volatility in cash flows but should be entered into ratably over time for a percentage of PDP that you were not timing the market.

as a company we believe hedges are an important instrument to decreasing volatility in cash flows but should be entered into ratably over time for a percentage of pdp that you are not timing the market


And at the present time, although we're continually looking to do what's right for the customers that we have, we do not see that our future is constrained by not having the global platform. So

and at the present time although we're continually looking to do what's right for the customers that we have we do not see that our future is constrained by not having the global platform so


is the third consecutive quarter of adjusted EBITDA growth since the third quarter of 2015, which was the first quarter during which we initiated the on-ramping of significant new amounts of traffic.

this is the third consecutive quarter of adjusted ebitda growth since the third quarter of 2015 which was the first quarter during which we initiated the on-ramping of significant new amounts of traffic


Okay. And just in terms of margin outlook which we have said, so do you believe that the tailwinds, which we are looking at through cost optimization, constant currency, would be enough

okay okay and just in terms of margin outlook which we have said so do you believe that the tailwinds which we are looking at through cost optimization constant currency would be enough


But the bottom line is we do feel that the second half of the year is going to be much stronger on the organic line. I'm not prepared to predict organic growth exactly by quarter.

but the bottom line is we do feel that the second half of the year is going to be much stronger on the organic line i'm not prepared to predict organic growth exactly by quarter


And our perspective is, from a regulatory perspective, the agencies, especially the European agencies, they like to see the weight loss tied to a clinical condition. And so that's -- part of our thinking there was to

and our perspective is from a regulatory perspective the agencies especially the european agencies they like to see the weight loss tied to a clinical condition and so that's part of our thinking there was to


The majority of the 3.9 point increase in the underlying property loss ratio was related to these storms, and this adverse weather contributed to an increase in underlying auto comprehensive frequency in the quarter.

the majority of the 3 9 point increase in the underlying property loss ratio was related to these storms and this adverse weather contributed to an increase in underlying auto comprehensive frequency in the quarter


Now let's talk about the specifics of our first quarter fiscal '17. Our sales were down a bit versus a year ago. However, if we parse the numbers, you can actually get a clear picture of why our results are better than they appear on the surface.

now let's talk about the specifics of our first quarter of fiscal '17 our sales were down a bit versus a year ago however if we parse the numbers you can actually get a clear picture of why our results are better than they appear on the surface


Our tradition with you has been to let you know when we do a submission, and that gives us a little bit better estimate of time lines, and I'd rather not guess in this setting. So we're feeling good about it, but I don't have a date for you yet.

our tradition with you has been to let you know when we do a submission and that gives us a little bit better estimate of time lines and i'd rather not guess in this setting so we're feeling good about it but i don't have a date for you yet


We continue to focus on building our operating capabilities in new markets, such as Italy and Poland. And for example, in Italy, we now have both in-house call center and legal capabilities and we are working off a new collection system.

we continue to focus on building our operating capabilities in new markets such as italy and poland and for example in italy we now have both in-house call center and legal capabilities and we are working off a new collection system


I guess it's a somewhat of a disconnect from the improving macro outlook, some of the robust innovation pipeline that you've talked about. So I'm wondering if this is really more related to the retail environment and sort of the pricing pressure

i guess it's somewhat of a disconnect from the improving macro outlook some of the robust innovation pipeline that you've talked about so i'm wondering if this is really more related to the retail environment and sort of the pricing pressure


they can market to their customers quite effortlessly within ARC to convince or to encourage their customers to sign up. We're also talking about doing call center-oriented call-down campaigns to the customers that haven't signed,

they can market to their customers quite effortlessly within arc to convince or to encourage their customers to sign up we're also talking about doing call center oriented call down campaigns for the customers that have been signed


And we can also see that the depletion that you have on existing oilfields means that people have to really go and look for the big oilfields, and the only place you can find those are offshore.

and we can also see that the depletion that you have on existing oil fields means that people have to really go and look for the big oil fields and the only place you can find those are offshore


Okay. The previous caller asked about the stock buyback one. Do you have any comments on where the price level market value that your company stock is trading at the moment? You had a very nice top last year

okay the previous caller asked about the stock buyback program do you have any comments on where the price level market value that your company's stock is trading at the moment you had a very nice pop last year


Distill Ventures is our brand incubator. It has already made 10 investments, of which the most recent is our investment in Seedlip. This is, as the entrepreneur behind the brand says,

distill ventures is our brand incubator it has already made 10 investments of which the most recent is our investment in seablip this is as the entrepreneur behind the brand says


historic foundation of our GP has been a lot of finance and accounting professionals who are very comfortable calling in those functional areas in a client, our business development folks

the historic foundation of rgp has been a lot of finance and accounting professionals who were very comfortable calling in those functional areas in a client our business development folks


earnings for that segment sort of being shifted a little bit into 2017 and potentially earlier than that? Well, two things. One is we will continue to update on a quarterly basis where we stand relative to those incentive targets.

earnings for that segment sort of being shifted a little bit into 2017 and potentially earlier than that well two things one is we will continue to update on a quarterly basis where we stand relative to those incentive targets


we can see that here we have various projects in both EMEA, but mainly Asia Pacific growing well, whilst, again, America has been a little bit lower.

we can see that here we have various projects in both emea but mainly asia pacific growing well whilst again america has been a little bit lower


I would like to reiterate that at all times, we will ensure that CapEx related to safety, environmental obligations and ensuring that we meet our license to operate conditions is always maintained.

i would like to reiterate that at all times we will ensure that capex related to safety environmental obligations and ensuring that we meet our license to operate conditions is always maintained


The 5 basis points of NIM improvement over the third quarter was driven by a combination of benefits from higher short-term interest rates and favorable funding mix, offset by an increase in cost of interest-bearing deposits.

the 5 basis points of nim improvement over the third quarter was driven by a combination of benefits from higher short-term interest rates and favorable funding mix offset by an increase in cost of interest-bearing deposits


and once again it's always been run by us respecting all applicable laws, that will continue. So is the Russian market impacted by the sanctions? Certainly. Will some of our Russian customers be

and once again it's always been run by us respecting all applicable laws that will continue so is the russian market impacted by the sanctions certainly will some of our russian customers be


Our business activities were impacted last week and there were some questions as to what's the impact and we put a number out there on the press release, which says that we expect a one-off cost impact

our business activities were impacted last week and there were some questions as to what's the impact and we put a number out there on the press release which says that we expect a one-off cost impact


new markets or position us to strengthen our position in key geographies. So as an example, building a planarization lab and manufacturing facilities in

new markets or position us to strengthen our position in key geographies so as an example building a planarization lab and manufacturing facilities in


And so beyond that, what we see is that as additional demand comes on, then we're going to be also looking at working with our customers on increasing mainline capacity on Northwest, which will be a good uptick

and so beyond that what we see is that as additional demand comes on then we're going to be also looking at working with our customers on increasing mainline capacity on northwest which will be a good uptick


And of course, we do like real estate. We do think there are still opportunities in commercial real estate. But if the new loan yields are not meeting our expectations, we'd rather

and of course we do like real estate we do think there are still opportunities in commercial real estate but if the new loan yields are not meeting our expectations we'd rather


something they were doing with our platform there. But I think probably the strongest way to measure us is just on the continuous quarter-over-quarter growth and what we'll be updating on

something they were doing with our platform there but i think probably the strongest way to measure us is just on the continuous quarter-over-quarter growth and what we'll be updating on


Because our sellers are compensated on gross profit, we maintained strong profitability in line with last year's first quarter, achieving first quarter records for adjusted EBITDA and non-GAAP net income per share.

because our sellers are compensated on gross profit we maintained strong profitability in line with last year's first quarter achieving first quarter records for adjusted ebitda and non-gaap net income per share


As we look at the next several kind of quarters, matched up with the order season, which we said has kind of pushed out into the Q4, Q1 time frame -- we're not looking at material costs that are terribly dissimilar to where we were at this time last year.

as we look at the next several kind of quarters matched up with the order season which we said is kind of pushed out into the q4 q1 time frame we're not looking at material costs that are terribly dissimilar to where we were at this time last year


In terms of the Canadian question and the Q4 drilling. We actually don't expect there to be really any material production impact in the fourth quarter on those wells by the time that they're tied in

in terms of the canadian question and the q4 drilling we actually don't expect there to be really any material production impact in the fourth quarter on those wells by the time that they're tied in


Once again, keep in mind that combined with a 70% generics penetration rate, introduction of new generic drugs and price decreases reduced pharmacy's retail sales growth.

once again keep in mind that combined with a 70% generics penetration rate introduction of new generic drugs and price decreases reduced pharmacy's retail sales growth


that -- those 2 factors would probably give them a significant pick up. The other thing would be the extent they're doing more prime and they sort of have maybe a stronger target to go after later, then their other recoveries might be improved as well.

that -- those 2 factors would probably give them a significant pickup the other thing would be the extent they're doing more prime and they sort of have maybe a stronger target to go after later then their other recoveries might be improved as well


and we do devote a fair bit of attention to at least thinking about this. When I say we, it's not a large team. It's mostly Laurie and myself and other people in the finance group. This is not a significant activity for

and we do devote a fair bit of attention to at least thinking about this when i say we it's not a large team it's mostly laurie and myself and other people in the finance group this is not a significant activity for


versus in the packaged gas business, you could read that larger companies more likely to be in an export sort of an industry are doing better for us than perhaps people who are just serving the local market.

versus in the packaged gas business you could read that larger companies more likely to be in an export sort of an industry are doing better for us than perhaps people who are just serving the local market


We have embedded productivity in the Mexican business to drive out costs to invest in growth. This has resulted in savings being delivered across the 5 productivity work streams.

we have embedded productivity in the mexican business to drive out costs to invest in growth this has resulted in savings being delivered across the 5 productivity work streams


We are fortunate that we can return a meaningful amount of cash to our shareholders and, at the same time, use our balance sheet to take advantage of opportunities that may arise in a highly volatile and dynamic market.

we are fortunate that we can return a meaningful amount of cash to our shareholders and at the same time use our balance sheet to take advantage of opportunities that may arise in a highly volatile and dynamic market


I think we are better positioned than ever. The marketplace as it continues to evolve, our challenges are mighty and our solutions are great. And I think we've got a great leadership team to take us to that whole next level of performance

i think we are better positioned than ever the marketplace continues to evolve our challenges are mighty and our solutions are great and i think we've got a great leadership team to take us to that whole next level of performance


All right. Based on your delivery guidance which, I think, mirrors what you're delivering in the second quarter, perhaps at the high end or even a little bit better than that. Is there anything in the composition of that, that would

right based on your delivery guidance which i think mirrors what you delivered in the second quarter perhaps at the high end even a little bit better than that is there anything in the composition of that that would


where we use both dimensions, consumers and investors, as part of our strategy, the increased numbers of sales in the fourth quarter but still if you look on the total years, a really good number.

where we use both dimensions consumers and investors as part of our strategy the increased numbers of sales in the fourth quarter but still if you look on the total year is a really good number


These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in this morning's press releases and the comments made during this conference call

these statements are based on current expectations and assumptions that are subject to risks and uncertainties actual results could materially differ because of factors discussed in this morning's press releases and the comments made during this conference call


Okay, maybe last one from me just on the cattle acquisition. I mean, just remind me how we should think about that transitioning to Green Plains' own cattle. Should we think about similar to the

okay maybe last one for me just on the cattle acquisition i mean just remind me how we should think about that transitioning to green plains own cattle should we think about similar to the


Craig joined us in May from Southwestern Energy Company, where he was the Senior Vice President and Chief Financial Officer. Before that, he was controller and chief accounting officer for that company.

craig joined us in may from southwestern energy company where he was the senior vice president and chief financial officer before that he was controller and chief accounting officer for that company


while facing demand headwinds in several key markets. 2015 also saw our retail segment continue their growth of on-site customer support, mobile service and tank parts and service.

while facing demand headwinds in several key markets 2015 also saw our retail segment continue their growth of on-site customer support mobile service and tank parts and service


We want to realize their full potential. We understand that we're not going to do that alone and are looking for partners on all those products that bring functional capabilities, disease expertise, geographic depth

we want to realize their full potential we understand that we're not going to do that alone and are looking for partners on all those products that bring functional capabilities disease expertise geographic depth


all of which involve a number of business risks and uncertainties and can change as conditions do. Please review the cautionary statements in our press release and on Slide 2 of today's presentation.

all of which involve a number of business risks and uncertainties and can change as conditions do please review the cautionary statements in our press release and on slide 2 of today's presentation


To give you a magnitude of customers today, we have a customer that has 22 proprietary stores in addition to a franchise

to give you a magnitude of customers today we have a customer that has 22 proprietary stores in addition to franchise


We will continue to grow even after the sale of the segment, yes. And one of the things I would observe that you saw in Q1 2016, as Greg described, is we had an unusually strong comparable

we will continue to grow even after the sale of the segment yes and one of the things i would observe that you saw in q1 2016 as greg described is we had an unusually strong comparable


All of this means that after 4 years of waiting, the oil market is now substantially rebalanced. This is also reflected in the oil market sentiment, where we currently are witnessing a gradual shift from an oversupply discount

all of this means that after 4 years of waiting the oil market is now substantially rebalanced this is also reflected in the oil market sentiment where we currently are witnessing a gradual shift from an oversupply discount


is -- has like 14 interconnects into it and we have other storage facilities. But we're going to be looking at strategically what do we want to do with this business over the next few months and we'll get back to you on what we intend to do

is -- has like 14 interconnects into it and we have other storage facilities but we're going to be looking at strategically what do we want to do with this business over the next few months and we'll get back to you on what we intend to do


part of one of it and you keep the whole of the other part. So is this setting your strategy implementation back in time? Or is it sort of something you had in your expectations as well?

part of one of it and you keep the whole of the other part so is this setting your strategy implementation back in time or is it sort of something you had in your expectations as well


if our signature metric is growing, then the health of our new sales is growing and continuing. So as we go through this transformation, we may have positive or negative license throughout the years. But my ACV is growing

if our signature metric is growing then the health of our new sales is growing and continuing so as we go through this transformation we may have positive or negative license throughout the years but if my acv is growing


Our losses at MAS consist of future rentals as well as compensation for maintenance value consumed during the term of the contract, which was to be due at lease expiry. We'll be pursuing remedies for this but would say that the approach taken here is disappointing.

our losses at mas consist of future rentals as well as compensation for maintenance value consumed during the term of the contract which was to be due at lease expiry we'll be pursuing remedies for this but would say that the approach taken here is disappointing


low single digits. I think February last year was flat, and then it got much better in March when the weather turned and became more cooperative. How do we think about the comp cadence for this year, for the first quarter?

low single digits i think february last year was flat and then it got much better in march when the weather turned and became more cooperative how do we think about the comp cadence for this year -- for the first quarter


there is no wavering. And we are heads down, and we're executing like crazy and to move through it as fast as we can. And we are almost through it, and it's now sort of rebuilding headcount. But from our standpoint,

there is no wavering and we are head down and we're executing like crazy and to move through it as fast as we can and we are almost through it and it's now sort of rebuilding headcount but from our standpoint


the project is now fully on plan. I cannot say too much about the start of production because this is something that has to come from Sanofi, but I think all -- this project looks very nice and good, and I think I'm very optimistic about this one.

the project is now fully on plan i cannot say too much about the start of the production because this is something that has to come from sanofi but i think all this project looks very nice and good and i think i'm very optimistic about this one


that I can think of really besides maybe Madonna who hasn't already passed away. And it's sad commentary, I don't mean to be cryptic here, but there just aren't that many celebrities from the '80s who were celebrities throughout the '90s throughout the 2000s still around,

that i can think of really besides maybe madonna who has already passed away and it's sad commentary i don't mean to be cryptic here but there just aren't that many celebrities from the '80s who were celebrities throughout the '90s throughout the 2000s still around


considering strategically increasing our supply in order to have an adequate security for these levels in the long run. We have already adopted that, and we will be seeing this in the next years,

considering strategically increasing our supply in order to have adequate security for these levels in the long run we have already adopted that and we will be seeing this in the next few periods


Could you explain this increase and how should we consider this cost from now on? And specifically about the average radius, what about this quarter? And what

could you explain this increase and how should we consider this cost from now on and specifically about the average radius what about this quarter and what


In the first quarter of 2016, we identified 2 events that resulted in material weaknesses in our internal controls over financial reporting and the ineffectiveness of our disclosure controls and procedures.

in the first quarter of 2016 we identified 2 events that resulted in material weaknesses in our internal controls over financial reporting and the ineffectiveness of our disclosure controls and procedures


Frankly, a great year but not an end state as we still have our sights on continued improvement with a new leg of operational efficiency programs targeting some key areas like IT and supply chain,

frankly a great year but not an end state as we still have our sights on continued improvement with a new leg of operational efficiency programs targeting some key areas like it and supply chain


Exiting these businesses and our product line rationalization efforts are significant steps in decreasing the complexity of our business. These activities are indicative of our commitment to continually improve the quality of our overall portfolio.

exiting these businesses and our product line rationalization efforts are significant steps in decreasing the complexity of our business these activities are indicative of our commitment to continually improve the quality of our overall portfolio


With that said, we've had an excellent quarter even underlying when it comes to efficiency and this is due to nothing more specific or exciting than a lot of hard work

with that said we've had an excellent quarter even underlying when it comes to efficiency and this is due to nothing more specific or exciting than a lot of hard work


on average the payback that we get on that remodel is less than 2 years. It's often better than opening a new store in terms of the return on that investment. So we think it's a good return for sure.

on average the payback that we get on that remodel is less than 2 years it's often better than opening a new store in terms of the return on that investment so we think it's a good return for sure


that the larger companies, it's a longer time talking about it. It's more planning. Their organizations are more complex. I think they're more risk averse about doing it. So you need to build in a longer process for that. But frankly,

that the larger companies it's a longer time talking about it it's more planning their organizations are more complex i think they're more risk-averse about doing it so you need to build in a longer process for that but frankly we feel


States like California, Texas, Pennsylvania, New Jersey and Kentucky are adopting more targeted policies in criminal justice and community settings, and have removed certain access barriers to medications via legislation.

states like california texas pennsylvania new jersey and kentucky are adopting more targeted policies in criminal justice and community settings and have removed certain access barriers to medications via legislation


This is not surprising to us given the duration of the study. Data from previous olanzapine studies have shown variable metabolic parameter findings in studies of this duration depending on study design and patient population.

this is not surprising to us given the duration of the study data from previous olanzapine studies have shown variable metabolic parameter findings in studies of this duration depending on study design and patient population


I think it was a very good end of the year where we had a little bit of both where we saw some mix and price improvement on top of about 4% volume growth. So I think a good quarter all the way around in that regard.

i think it was a very good end of the year where we had a little bit of both where we saw some mix and price improvement on top of about 4% volume growth so i think a good quarter all the way around in that regard


margin dollars from our carbon and steel operations largely offset our pretax income losses from our energy-focused business reflecting the importance of Reliance's diversification strategy.

margin dollars from our carbon steel operations largely offset our pretax income losses from our energy-focused business reflecting the importance of reliance's diversification strategy


Our long-term strategy of providing unique and valuable marketing programs to dealers, along with the most valued grading services in the industry, has proven to be a winning combination for the coin and card markets.

our long-term strategy of providing unique and valuable marketing programs to dealers along with the most valued grading services in the industry has proven to be a winning combination for the coin and card markets


And out of all our international offices, this region was our top contributor to overall revenue growth in Q4. Still, we have a lot of opportunity to make it even easier for advertisers.

and out of all our international offices this region was our top contributor to overall revenue growth in q4 still we have a lot of opportunity to make it even easier for advertisers


you never know when these things are going to come up. We're obviously in the middle of our earnings season right now. So we're spending a ton of time listening to companies report their earnings. So I'd say the opportunity is around, maybe not as plentiful, but they're still there. And like I said, we've found 2 that

you never know when these things are going to come up we're obviously in the middle of earning season right now so we're spending a ton of time listening to companies report their earnings so i'd say the opportunities around maybe not as plentiful but they're still there and like i said we found 2 that


Growth in the quarter was driven by strong new business and retention. The U.S. and Canada division continued its trend of strong growth, delivering 7% underlying revenue growth in the quarter.

growth in the quarter was driven by strong new business and retention the u s and canada division continued its trend of strong growth delivering 7% underlying revenue growth in the quarter


Earlier on I focused on the company's performance since IPO and especially on last year. Now let's look ahead. The time is now right to invest in growing our customer base.

earlier on i focused on the company's performance since ipo and especially on last year now let's look ahead the time is now right to invest in growing our customer base


commit to our funds as much money as we could possibly take, we oftentimes have to limit. And we have to limit it, because we have to size the market opportunity and make sure the capital we take, we can do

commit to our funds as much money as we could possibly take we oftentimes have to limit and we have to limit it because we have to size the market opportunity and make sure the capital we take we can do


As we discussed in the past, these think-big opportunities are a huge part of growing our enterprise business and are a testament to customers' opinion of our technology as a true mobile connection solution for all their employees.

as we've discussed in the past these think big opportunities are a huge part of growing our enterprise business and are a testament to customers' opinion of our technology as a true mobile connection solution for all their employees


As I've previously outlined, we are taking a disciplined approach, both financially and scientifically, to identify and acquire opportunities at the right financial valuations. In addition to acquisitions,

as i've previously outlined we are taking a disciplined approach both financially and scientifically to identify and acquire opportunities at the right financial valuation in addition to acquisitions


But you also say that there are some higher prices and higher costs. If you can quantify that. I don't know whether it's fuel costs or some negotiations with the trade unions, energy costs

but you also say that there are some higher prices and higher costs if you can quantify that i don't know whether it's fuel cost or some negotiations with the trade unions energy cost


The brand of the future have purpose, bringing meaning to people and are integrated through technology into people's lives. That's what I see in Weight Watchers, and it's why I joined this amazing company.

the brands of the future have purpose bring meaning to people and are integrated through technology into people's lives that's what i see in weight watchers and it's why i joined this amazing company


So we're not complaining about the activity in non-res and infrastructure right now as we speak. But we anticipate that it is going to get better, and to Jim's point, it's just a matter of when.

so we're not complaining about the activity in non-res and infrastructure right now as we speak but we anticipate that it is going to get better and to jim's point it's just a matter of when


Turning to our outlook. Given the positive sentiment for both metal pricing and demand in early 2017, we are optimistic in regard to both business activity levels and metal pricing.

turning to our outlook given the positive sentiment for both metal pricing and demand in early 2017 we are optimistic in regard to both business activity levels and metal pricing


the capability, orienting their systems around it. In particular, one thing that they'll want to do, and I would say even need to do, is start to line up how Digital Content Ratings work in their business process

the capability orienting their systems around it and in particular one thing that they'll want to do and i would say even need to do is start to line up how digital content ratings work in their business process


Ken Krause will cover these areas in more detail in his commentary. Today, I'll discuss the trends we are seeing across our core product business and give you some more insight into one of our recent product launches in the fire service market,

ken krauss will cover these areas in more detail in his commentary today i'll discuss the trends we are seeing across our core product business and give you some more insight into one of our recent product launches in the fire service market


average hours consumed on a type of project and improve the safety and quality and all the metrics that we do, get the reports done. The other product developments we talked about were specific to the pipeline segments.

average hours consumed on the type of project and improve the safety and quality and all the metrics that we do get the reports done the other product developments we talked about were specific to the pipeline segments


close your eyes and imagine there are 3 pieces of beef in this bowl. When the beef isn't there, it simply isn't there. It's difficult to conduct such large campaigns for our noodle products.

close your eyes and imagine there are 3 pieces of beef in this bowl when the beef isn't there it simply isn't there it's difficult to conduct such large campaigns for noodle products


We're excited to have this asset back from Sanofi and are in the process of finding a commercial partner who can fully exploit the commercial potential of avanafil in these territories as well as in Mexico and Central America.

we are excited to have this asset back from sanofi and are in the process of finding a commercial partner who can fully exploit the commercial potential of avanafil in these territories as well as in mexico and central america


significant gains of market share considering the current scenario. But certainly, the main highlight in terms of revenue in this quarter was e-commerce. We are the only

significant gains of market share considering the current scenario but certainly the main highlight in terms of revenue in this quarter was e-commerce we are the only


And in addition to Madrid, we're also pleased to tell you today that we've won another very significant tender which will see us open our first shops in South America, in Rio de Janeiro.

and in addition to madrid we're also pleased to tell you today that we've won another very significant tender which will see us open our first shops in south america in rio de janeiro


and for the last 25 years, leading it to becoming one of the most important restaurant brands of our time. I thank Steve for the invaluable time he's spent bringing me up to speed over the past several weeks, and I deeply appreciate him fully handing over the reins to me and giving me the autonomy to lead,

and for the last 25 years leading it to become one of the most important restaurant brands of our time i thank steve for the invaluable time he spent bringing me up to speed over the past several weeks and i deeply appreciate him fully handing over the reins to me and giving me the autonomy to lead


As Dave mentioned, political advertising in the second quarter was a record for the quarter and came in substantially higher compared to both 2016 and 2014. Now moving to our third quarter revenue outlook.

as dave mentioned political advertising in the second quarter was a record for the quarter and came in substantially higher compared to both 2016 and 2014 now moving to our third quarter revenue outlook


The impact of the variable is an impact that will be especially strong in the first half of the year. But the increases of tariffs we have made,

the impact of the barremo is an impact that will be especially strong in the first half of the year but the increases of tariffs we have made


that demand statement. So we feel pretty good that what's in the market today from a capacity standpoint is able to absorb the demand that's coming into the foundry space.

that demand statement so we feel pretty good that what's in the market today from a capacity standpoint is able to absorb the demand that's coming into the foundry space


Okay. And just to understand that, for the fourth quarter where you expect a stronger rate of growth, is it the incremental synergies coming through and I guess the absence of some of these expenses that leads to the stronger fourth quarter profit expectation?

okay and just to understand that for the fourth quarter where you expect a stronger rate of growth is it the incremental synergies coming through and i guess the absence of some of these expenses that leads to the stronger fourth quarter profit expectation


by higher-margin new work at an accelerated pace, we feel there is an opportunity for significant increases in both operating income and earnings per share.

by higher margin new work at an accelerated pace we feel there is an opportunity for significant increases in both operating income and earnings per share


This proof of concept really gave us great confidence in strategy and a sense of urgency to fully launch the masterplan approach across all the assets and to kick start the re-profiled CapEx program, which is underway.

this proof of concept really gave us great confidence in strategy and a sense of urgency to fully launch the master plan approach across all the assets and to kickstart the reprofiled capex program which is underway


But the benefit also is we take a photograph in your home, so we can ensure whether the van has taken away all the packaging, that we've delivered the care kit, if you've ordered a care kit as well as the furniture and that it looks great in your room and it's in A1 condition.

but the benefit also is we take a photograph in your home so we can ensure that the van has taken away all the packaging that we've delivered the care kit if you've ordered a care kit as well as the furniture and that it looks great in your room and it's in a1 condition


Our basic strategy here to raise the efficiency of existing businesses is unchanged. I would now like to present our forecasts for the current fiscal year.

our basic strategy here to raise the efficiency of existing businesses is unchanged i would now like to present our forecasts for the current fiscal year


Meanwhile, the hot summer spurred such strong demand for our Ice Box Frozen Desserts, but production could not keep pace and we ran out of supply at the height of the demand season.

meanwhile the hot summer spurred such strong demand for our icebox frozen dessert that production could not keep pace and we ran out of supply at the height of the demand season


demonstrating the strength of demand for our solution. The acquisition of Conjur strengthens our technology platform in the cloud and DevOps, which is a significant opportunity for us. We believe our operational achievements and investments in the business

demonstrating the strength of demand for our solution the acquisition of conjure strengthens our technology platform in the cloud and devops which is a significant opportunity for us we believe our operational achievements and investments in the business


Essentially, we recognize the mark-to-market of the inventory and hedges for that inventory throughout the holding period in EBITDA. However, the inventory is marked to a current value and the hedge is marked at the future value on the curve.

essentially we recognize the mark-to-market of the inventory and hedges for that inventory throughout the holding period in ebitda however the inventory is marked to a current value and the hedge is marked at the future value on the curve


We've got a formula price pursuant to which we sell the coal. Largely, the costs are fixed, but on the margin, there are some variable costs we can control, and I think the guys at the mine are doing a great job at controlling costs.

we've got a formula price pursuant to which we sell the coal largely the costs are fixed but on the margin there are some variable costs we can control and i think the guys at the mine are doing a great job of controlling costs


Of course, part of our higher per unit cost had to do with our lower production. As we spread the same fixed costs over a lower volume base, it drives per unit costs up a little bit. And so some of the cost increase was us deliberately holding off

of course part of our higher per unit cost had to do with our lower production as we spread the same fixed costs over a lower volume base it drives per unit cost up a little bit so some of the cost increase was us deliberately holding off


there hasn't really been any change in our strategy. So what we had been talking about over the last year is that we want to start owning some planes with free cash flow going forward,

there hasn't really been any change in our strategy so what we had -- what we had been talking about over the last year is that we want to start owning some planes with free cash flow going forward


and because a number of patients have proven to be refractory to those treatments. Uricase enzymes on the other hand, have demonstrated an ability to drastically and rapidly lower uric acid levels.

and because a number of patients have proven to be refractory to those treatments uricase enzymes on the other hand have demonstrated an ability to drastically and rapidly lower uric acid levels


We are fully committed to continuing to achieve positive operating leverage. We have 3 years behind us in our effort to materially improve profitability and grow earnings. We remain committed to further improvement and simplification of our operational processes.

we are fully committed to continuing to achieve positive operating leverage we have 3 years behind us in our effort to materially improve profitability and grow earnings we remain committed to further improvement and simplification of our operational processes


While we will be disciplined on pricing, we believe that there is a potential opportunity to take advantage of the seemingly robust appetite of foreign-based capital for New York City assets

while we will be disciplined on pricing we believe that there is a potential opportunity to take advantage of the seemingly robust appetite of foreign-based capital for new york city assets


Good morning, and welcome to the presentation of Telenor Group's results for the first quarter.

good morning and welcome to the presentation of talenol group's results for the first quarter


Thank you, Jack. It's -- I think it's fair to say that 2018 was a true breakout year for Dicerna, and I would like to thank our entire team, our partners and our shareholders for contributing to the success we have achieved thus far.

thank you jack it's -- i think it's fair to say that 2018 was a true breakout year for dicerna and i would like to thank our entire team our partners and our shareholders for contributing to the success we've achieved thus far


So our companies were successfully listed in Hong Kong, so these abilities of Fosun actually complements one another and facilitate one another. Of course,

so our companies were successfully listed in hong kong so these abilities of fosun actually complement one another and facilitate one another of course


We work with our payers regularly. And some of the expense that you see in the lab this quarter relates to bringing on additional staff to make sure that we're prepared and we have the infrastructure to deal with payers and help payers.

we work with our payers regularly and some of the expense that you see in the lab this quarter relates to bringing on additional staff to make sure that we're prepared and we have the infrastructure to deal with and payers and help payers


we will deliver solutions, all fully programmable, ranging from applications like Unified Communications integrated with contact center and collaboration with team messaging

we will deliver solutions all fully programmable ranging from applications like unified communications integrated with contact center and collaboration and team messaging


But we're more interested right now in margin and basket size than simplistically pursuing tonnage and inflating same-store sales. We need to earn comps through execution and our strategic initiatives.

but we're more interested right now in margin and basket size than simplistically pursuing tonnage and inflating same-store sales we need to earn comps through execution and our strategic initiatives


Looking ahead, we remain well positioned to drive improvements in the business and deliver on the plan we presented in December of 2015. We look forward to updating you as we progress.

looking ahead we remain well positioned to drive improvements in the business and deliver on the plan we presented in december of 2015 we look forward to updating you as we progress


Next, 2 new frit production lines in Al Salomi in Egypt were brought up to operational levels during the quarter, which will increase our capacity to meet increased demand in Egypt and Turkey.

next 2 new frit production lines at el salami in egypt were brought up to operational levels during the quarter which will increase our capacity to meet increased demand in egypt and turkey


on eliminating tail brands and less profitable SKUs across each region, which will have a clear impact in the near term. But as I said before, stage us exceptionally well for the long term.

on eliminating tail brands and less profitable skus across each region which will have a clear impact in the near term but as i said before stage us exceptionally well for the long term


So that's how we sequence the plan. Now what I also said to you is once we've broken the back of the Eurohub, which the mission was to land the Eurohub, and from 0 to that is the most intense, the rest of it is easy.

so that's how we sequence the plan now what i also said to you is once we've broken the back of the euro hub which the mission was to land the euro hub and from 0 to that is the most intense the rest of it is easy


Within the other category is our Distribution business. It is currently small but growing, but we will break it out as a separate market once it is -- gets to a more substantial piece of our overall market mix.

within the other category is our distribution business it is currently small but growing and we will break it out as a separate market once it gets to a more substantial piece of our overall market mix


on the reinvestment in the business. I wish I could say that they have both the same level of fungibility and flexibility. But sometimes, reinvestment in the business happens at one point in time.

on the reinvestment in the business i wish i could say they have both the same level of fungibility and flexibility but sometimes reinvestment in the business happens at one point in time


Canada is executing well in the face of uncertainty as both businesses and governments assess the potential economic impact from any changes in U.S. trade policy as well as potential changes in oil pricing.

canada is executing well in the face of uncertainty as both businesses and governments assess the potential economic impact from any changes in u s trade policy as well as potential changes in oil pricing


Let's revisit the 4 pillars of our transformation strategy we presented to you in April of 2016 as seen on Slide 3 of the supplemental presentation, starting with physical gaming.

let's revisit the 4 pillars of our transformation strategy we presented to you in april of 2016 as seen on slide 3 of the supplemental presentation starting with physical gaming


increased cost for the rejuvenation program. In the quarter it was meaningfully higher than we've seen in other quarters. So maybe some more color on what those costs are related to, and if that step up is something we should expect in 2018 as well? I

increased cost for the rejuvenation program in the quarter it was meaningfully higher than we've seen in other quarters so maybe some more color on what those costs related to and if that step up is something we should expect in 2018 as well


third-party profitable retail sales that don't exist means this is no longer a place where a distributor can make a living -- a top distributor can make a living, the others are losing money anyway, and they're going to go elsewhere. Now while, the company has maybe bought itself a few days or weeks or months

third-party profitable retail sales that don't exist means this is no longer a place where a distributor can make a living -- a top distributor can make a living the others are losing money anyway and they're going to go elsewhere now while the company has maybe bought itself a few days or weeks or months


While our current cohort retention rate is within our historical range of 60% to 66%, we continue to place a strong emphasis on increasing student retention through various initiatives that Ashford has taken

while our current cohort retention rate is within our historical range of 60% to 66% we continue to place a strong emphasis on increasing student retention through various initiatives that ashford has taken


To outline the core principles of our strategy, we are committed to maintaining a strong balance sheet with ample liquidity through both cash and available credit while maximizing potential growth opportunities.

to outline the core principles of our strategy we are committed to maintaining a strong balance sheet with ample liquidity through both cash and available credit while maximizing potential growth opportunities


and the effective deployment of that cash is one of my most important responsibilities as the CEO of the company, something that I take very seriously.

and the effective deployment of that cash is one of my most important responsibilities as the ceo of the company something that i take very seriously


I guess, a driver of some cash that would potentially make its way to the parent company this year? Or with the organic opportunities available at PSXP, is that not necessarily something that we would be thinking about?

i guess the driver of some cash that would potentially make its way to the parent company this year or with the organic opportunities available at psxp is that not necessarily something that we would be thinking about


We believe that our new cohorts are in a good place. As we think about ROI, the gross profit dollars generated by the new cohorts are consistent with the historical cohort performance and within the 12- to 18-month payback

we believe that our new cohorts are in a good place as we think about roi the gross profit dollars generated by the new cohorts are consistent with the historical cohort performance and within the 12- to 18-month payback


I think we got off to a good start. But again I think we're in the early stages of it. I think it'll get better as the year goes on as we meld our operations groups together and implement our account management teams. So we are confident in that ability.

i think we've got off to a good start but as i said i think we're in the early stages of it i think it'll get better as the year goes on as we meld our operations groups together and implement our account management teams so we're confident in that ability


the customer finds it particularly attractive to have the opportunity to own their handset and have the airtime paid under a separate contract. And that has accelerated our growth

the customer finds it particularly attractive to have the opportunity to own their handset and have their airtime paid under a separate contract and that has accelerated our growth


And as far as 2018 goes, a lot of the drilling we're doing right now and a lot of the wells that we're going to be completing towards the end of this year and the beginning of next year are actually in our southern acreage, and they'll be going into the western gas system.

and as far as 2018 goes a lot of the drilling we're doing right now and a lot of the wells that we're going to be completing in the set -- towards the end of this year and the beginning of next year are actually in our southern acreage and they'll be going into the western gas system


First, in many of our markets, our hospitals are the 90-day low-cost provider for the hip conditions included in these bundling initiatives, and we believe we can exploit this advantage to gain market share.

first in many of our markets our hospitals are the 90-day low-cost provider for the hip conditions included in these bundle initiatives and we believe we can exploit this advantage to gain market share


This builds on the acquisition of DearBytes in January and further strength and scale and capability of KPN's security and public cloud services for all of our SME, large enterprise and corporate customers.

this builds on the acquisition of dearbytes in january and further strengthens scale and capability of kpn's security and public cloud services for all of our sme large enterprise and corporate customers


As I discussed earlier, we did accelerate some of our new equipment purchases into the first quarter of fiscal '19 due to the increased lead times and potential steel surcharges.

as i discussed earlier we did accelerate some of our new equipment purchases into the first quarter of fiscal '19 due to the increased lead times and potential steel surcharges


The company cautions that the risk factors discussed in these filings are not exhaustive, and we do not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company. Now I would like to turn the call over to Mary.

the company cautions that the risk factors discussed in these filings are not exhaustive and we do not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company now i would like to turn the call over to mary


As you know, we filed distribution cases in all of PHI's jurisdictions and expect decisions spread throughout the third quarter of next year, providing needed revenue relief as we continue to make significant investments on behalf of our customers.

as you know we filed distribution cases in all of phi's jurisdictions and expect decisions spread throughout the third quarter of next year providing needed revenue relief as we continue to make significant investments on behalf of our customers


An approach that we think is particularly well suited to certain segments of the IoT environment where there will be both a huge need for innovation and a massive number of participants who will rely on that innovation for their products.

an approach that we think is particularly well suited to certain segments of the iot environment where there will be both a huge need for innovation and a massive number of participants who will rely on that innovation for their products


We do have a feel for what that process will look like and who the potential buyers are. There are a few handful of operators who are trying to enter the Barnett. They see it as an opportunity for a place to develop

we do have a feel for what that process will look like and who the potential buyers are there are a few a handful of operators who are trying to enter the barnett they see it as an opportunity for a place to develop


Please note these forward-looking statements reflect the company's opinions only as of the date on this call, and the company undertakes no obligation to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events.

please note these forward-looking statements reflect the company's opinions only as of the date on this call and the company undertakes no obligation to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events


a meeting coming up with us some key suppliers and that's going to be part of an ongoing dialogue. Yes. So we will step up our focus on purchase cost, particularly if things soften. So you will see that from us.

a meeting coming up with some key suppliers and that's going to be part of an ongoing dialogue yes so we will step up our focus on purchase cost particularly as things soften so you will see that from us


Good morning, everyone. Thank you for joining us. Starting on Slide 3, we delivered another strong quarter that exceeded our guidance with both reporting segments contributing favorably to our performance.

good morning everyone thank you for joining us starting on slide 3 we delivered another strong quarter that exceeded our guidance with both reporting segments contributing favorably to our performance


not because we have some nifty execution plan that's going to significantly increase our productivity there but it's because we've achieved those historical productivities for multiple quarters before, just basically getting back to where we were. I hope that helps.

not because we have some nifty execution plan that's going to significantly increase our productivity there but it's because we've achieved those historical productivities for multiple quarters before it's just basically getting back to where we were i hope that helps


for these applications, driven by strong demand and increased capacity facilitated by the recent investments at Trentwood. We continue to be cautiously optimistic regarding the outlook for these general engineering applications.

for these applications driven by strong demand and increased capacity facilitated by the recent investments at trentwood we continue to be cautiously optimistic regarding the outlook for these general engineering applications


All of these direct educational efforts, through our commercial and medical teams and in partnership with outside stakeholder groups, are starting to bear fruit as we are seeing increased recognition and diagnosis of TD occur in the marketplace.

all of these direct educational efforts through our commercial and medical teams and in partnership with outside stakeholder groups are starting to bear fruit as we are seeing increased recognition and diagnosis of td occur in the marketplace


on the perspectives. We do see generally that there tends to be a seasonal pattern with the second and third quarters being quite strong for VIVITROL. And those are patterns we expect through the course of the year but we'll continue to update you.

on the perspectives we do see generally that there tends to be a seasonal pattern with the second and third quarters being quite strong for vivitrol and those are patterns we expect through the course of the year but we'll continue to update you


The pace of change for us is also changing because i6 is generating tremendous interest. We have over 30 customer engagements today and just everything, we're getting all kind of different requests

the pace of change for us is also changing because i6 is generating tremendous interest we have over 30 customer engagements today and just everything -- we're getting all kind of different requests


in the full year, which is why we've made the comments we've made this morning about full year free cash flow and profit at the upper half of our guidance range.

in the full year which is why we've made the comments we've made this morning about full year free cash flow and profit at the upper half of our guidance range


within the reserves that we set out from what data we have to date. Now that might change. We don't think it will, and we don't think if it did it would be anything of any materiality.

within the reserves that we've set out from what data we have to date now that might change we don't think it will and we don't think if it did it would be anything of any materiality


increases, training services, all sorts of things that are tied to cloud deployments and other things. They're just a very different type of service. So the way you're asking me the question from a penetration standpoint, I think the answer is it's already happened.

increases training services all sorts of things that are tied to cloud deployments and other things they're just a very different type of service so the way you're asking me the question from a penetration standpoint i think the answer is it's already happened


So we are conducting interviews of the merchants and other preparations will be conducted so that in the second half we will be able to come up with a tangible product

so we are conducting interviews of the merchants and the other preparations will be conducted so that in the second half we will be able to come up with a tangible product


Second, one of the world's largest financial institutions is in the process of modernizing its culture along with its applications to provide better client and employee experiences and has gone all-in on Pivotal because of our industry-leading platform and services.

second one of the world's largest financial institutions is in the process of modernizing its culture along with its applications to provide better client and employee experiences and has gone all in on pivotal because of our industry-leading platform and services


Just a quick question on the northeast and the improvement there. I think you might have done some leadership changes in the northeast as well. So if you can maybe talk about what you think the causal elements have been in the northeast.

just a quick question on the northeast and the improvement there i think you might have done some leadership changes in the northeast as well so if you could maybe talk about what you think the causal elements have been in the northeast


So the global operating subsidiaries, which are really this -- that do all the work for the parent company have to be compensated. And the way we compensate them is on a cost plus basis

so the global operating subsidiaries which are really these -- that do all the work for the parent company have to be compensated and the way we compensate them is on a cost-plus basis


We also built out our commercial banking product capabilities and focused our frontline staff on growing commercial and consumer core deposits, particularly operating accounts.

we also built out our commercial banking product capabilities and focused our frontline staff on growing commercial and consumer core deposits particularly operating accounts


The numbered -- the numbers we offered a few weeks ago remain unchanged. Q1 results were within a normal range of variation on both the top and bottom lines, a good start to the year. And we see no reason for a change to our published guidance.

the numbers we offered a few weeks ago remain unchanged q1 results were within a normal range of variation on both top and bottom lines a good start to the year and we see no reason for a change to our published guidance


and we will be forever grateful for his leadership. He has been an invaluable resource to so many, including me personally, and I feel privileged to have benefited from his counsel.

and we will be forever grateful for his leadership he has been an invaluable resource to so many including me personally and i feel privileged to have benefited from his counsel


Number one, you were talking about partnering with leading global pharmas. Can you talk about how many companies potentially are you in discussions with? And what do you see as the risk benefit

number one you were talking about partnering with leading global pharma's can you talk about how many companies potentially are you in discussions with and what do you see as the risk benefit


We've got a lot of questions that were already asked and answered. But I wanted to spend a minute just on the interactive segment, which was a touch softer. You mentioned increased competition and some of the things you're doing in the prepared remarks. But I'm hoping

we've got a lot of questions that were already asked and answered but i wanted to spend a minute just on the interactive segment which was a touch softer you mentioned increased competition and some of the things you're doing in the prepared remarks but i'm hoping


So China had a good quarter, double-digit growth in the quarter. But I would say that's more to do with the comparatives than really having a big and strong business in China. As you know, we had a couple of years of difficulties in China.

so china had a good quarter double-digit growth in the quarter but i would say that's more to do with the comparatives than really having a big and strong business in china as you know we had a couple of years of difficulties in china


probably not going to comment on what we expect the growth to be going forward. Yes. And I think it probably isn't all that relevant just given the fact that we're going to pass it through anyway. And so the outcome of whatever contracts we negotiate will end up going to

i'm probably not going to comment on what we expect the growth to be going forward and i think it probably isn't all that relevant just given the fact that we're going to pass it through anyway and so the outcome of whatever contracts we negotiate will end up going to


in terms of client behavior or client plans. What the impact for us is that we obviously have greater exposure to the pound, and the pound certainly weakened

in terms of client behavior or client plans what -- the impact for us is that we obviously have greater exposure to the pound and the pound certainly weakened


On Slide 9, we have detailed a chart to compare the performance of this quarter to the same period last year. As noted previously, we are experiencing a significant contribution from our recent acquisitions.

on slide 9 we have detailed a chart to compare the performance of this quarter to the same period last year as noted previously we are experiencing a significant contribution from our recent acquisitions


Looking closer at the insurance-related receivables, we continued to make great strides in collecting these in the quarter. To give you a better sense as to our progress, let's walk through the receivable balance over the past several quarters.

looking closer at the insurance-related receivables we continue to make great strides in collecting these in the quarter to give you a better sense as to our progress let's walk through the receivable balance over the past several quarters


One thing you do want to be careful of though is, there is a lag affect from some of the operations and sales to when our royalties were received. So we didn't get the full impact last year at the big price increases, some that will start to flow

one thing you do want to be careful of though is that there is a lag effect from the operations and sales to when our royalties were received so we didn't get the full impact last year of the big price increases some of that will start to flow